SGX Nifty up, Sensex, Nifty may start higher; 5 things to know before opening bell

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April 08, 2021 8:47 AM

BSE Sensex and Nifty were set to open on a positive note on Thursday, a day after the Reserve Bank of India announced Monetary Policy Committee decision

sensex, nifty, stock marketIt is not deniable that investors always look for an opportunity to book profits in the equity markets.

BSE Sensex and Nifty were set to open on a positive note on Thursday, a day after the Reserve Bank of India announced Monetary Policy Committee decision. In the previous session, markets cheered the RBI policy as the investor sentiment remained upbeat. The Sensex rose 460.37 points (0.94 per cent) to close at 49,661.76 while the Nifty jumped 135.55 points (0.92 per cent) to close at 14,819.05. Following the announcements by RBI Governor Shaktikanta Das of GSAP, 10-year bond yields fell about 4 bps to 6.08 per cent, the Rupee fell almost 1.5 per cent — its biggest single-day drop since August 2019 to end at 74.56, which is the lowest level in over four months due to the same reason of easy monetary policy and accommodative stance being retained, said Deepak Jasani, Head of Retail Research, HDFC Securities.

SGX Nifty in green: Nifty futures were trading nearly half a per cent or 60 points up at 14,923.50 on Singaporean Exchange, hinting at a positive start for BSE Sensex and Nifty 50.

RBI maintains status quo: The Reserve Bank of India announced the monetary policy decision on Wednesday, keeping the repo rate unchanged at 4 per cent. It was the fifth straight MPC where RBI kept the interest rates unchanged and maiantained an accommodative stance.

FII and DII activity: On Wednesday, foreign institutional investors (FIIs) lapped shares worth Rs 227.42 crore, while domestic institutional investors (DIIs) bought shares worth Rs 381.08 crore on a net basis in the cash market, as per provisional data available on the NSE.

Global Watch: Asian stock markets were trading mixed in early trade on Wednesday, following Wall Street. Japan’s Nikkei 225 slipped 0.34 per cent while the Topix index fell 0.69 per cent.The Shanghai composite declined 0.26 per cent. In overnight trade on Wall Street, the Dow Jones Industrial Average rose 0.05 per cent, the S&P 500 gained 0.15 per cent, while the Nasdaq Composite dropped 0.07 per cent.

Nifty support, resistance levels: The short term trend of Nifty is positive with range bound action. “The market is now placed near the make or break – crucial area of 14900 levels. The short term chart pattern indicate minor intraday weakness or consolidation movement around 14880 levels before showing a sustainable upside breakout in the short term. Immediate support is placed at 14730,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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